Today's Market Outlook

Daily Forex Technicals | Written by Windsor Brokers Ltd | Nov 06 08 08:09 GMT |

EURUSD Worked lower from 1.4867 22 Sep key lower top to reach 1.2329 on 28 Oct 2008 low - 28 Oct before rebounding to 1.3300 on 30 Oct. A 2 legged decline from here saw 1.2527, Tue, ahead of an upswing to 1.3117 yesterday. Spike rejection here and test on 1.2795 warns of a test on the lower tightening band at 1.2620. Only over 1.3117/1.3300 breaks near-term bear structure. Res: 1.2957, 1.2977, 1.3008, 1.3035 Sup: 1.2795, 1.2743, 1.2700, 1.2665 GBPUSD 9:00 (GMT+2) Short-term outlook is bearish on 14-day RSI negative reversal warning of a fresh down-leg in front of 1.7632 14 Oct lower high to 1.4605 region. Hourly RSI negative reversal arises from recent bouncing to signal losses at 1.5487 zone unless Monday's 1.6400 high is breached. Lapse from Wed's 1.6200 high potentially leaves a lower high in the wake of decline to 1.5602/1.5594. Res: 1.6055, 1.6110, 1.6170, 1.6210 Sup: 1.5780, 1.5755, 1.5720, 1.5655 USDJPY Pulling back from Tuesday's rally at 100.56 near 50% of 110.67/90.87 fall via a bear engulfing candle to retrace upswing off 96.08/35 lows. Further downside may stretch towards 97.35/30 next 76.4% of 96.35/100.56 upleg where a swing low is sought ahead of 96.35. Losing 96.35/08 however delays to further retrace the upswing from 90.87 24 Oct low. Res: 98.65, 99.13, 99.46, 99.93 Sup: 97.34, 96.95, 96.35, 96.08 USDCHF Has failed for a minor lower swing high Wednesday at 1.1748 to extend the pullback from Tuesday's 1.1803 rally high. Further retreat is seen testing Monday's 1.1475 low near 50% of 1.1200/1.1803 upleg and lower towards 1.1430 61.8% retrace before next upside attempt. Above 1.1803 to firm 1.1895/1.1924 09 Oct/14 Sep highs, approximately 61.8% of 1.3286/.9630 fall. Res: 1.1749, 1.1803, 1.1834, 1.1859 Sup: 1.1545, 1.1475, 1.1400, 1.1358 Windsor Brokers Ltd http://www.windsorbrokers.biz The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.